Yellow Capital Blog/Weekly Crypto Digest/Weekly Crypto Digest for October 16 - 22, 2023.

Weekly Crypto Digest for October 16 - 22, 2023.

Monday, October 23, 2023

Bitcoin hits the $30K mark, the US authorities are among the largest BTC holders, FTX clients can count on $9.2 billion and more news.

Bitcoin price tested $30,000

On Monday, October 16, Bitcoin quotes hit the $30,000 mark amid rumors of the approval of a Bitcoin ETF from BlackRock. The news turned out to be fake, and digital gold rushed back to $28,000.
On Friday, October 20, the price of Bitcoin crossed the psychological threshold for the second time in a week but was unable to maintain it.
The prices of all digital assets from the top 10 by capitalization grew, Solana grew more than others (+29%).
The total capitalization of the cryptocurrency market is below $1.2 trillion. Bitcoin dominance index - 52.4%.

BlackRock CEO explained the reasons for the Bitcoin rally amid the “news” of ETF approval

Bitcoin's rally on unconfirmed news regarding the approval of a spot ETF from BlackRock suggests "pent-up demand for digital assets." This was stated by the CEO of the company that applied, Larry Fink.
"I think the rally today is about a flight to quality, with all the issues around the Israeli war now, [and] global terrorism. And I think there are more people running to a flight to quality — whether that is in Treasurys, gold, or crypto, depending on how you think about it."
The top manager declined to discuss the progress of the application for a spot Bitcoin ETF.

US authorities are among the largest holders of Bitcoin

According to analysts, the US government owns 194,188 BTC ($5.3 billion), obtained as a result of confiscation in several high-profile lawsuits.
Analysts relied on publicly available information such as the completed cases regarding Silk Road (69,369 BTC) in November 2020, the Bitfinex exchange hack (94,643 BTC) in January 2022, and the theft of 51,326 BTC by hacker James Zhong in March of the same year.
US authorities store seized coins in hardware wallets operated by the Department of Justice and the Internal Revenue Service.

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SEC drops charges against Brad Garlinghouse and Chris Larsen

The US Securities and Exchange Commission (SEC) has withdrawn its lawsuit against Ripple co-founder Chris Larsen and CEO Brad Garlinghouse alleging violations of securities laws.
The parties reached a settlement agreement on the claims. This means that the defendants cannot be sued on the same grounds in the future.

Binance burned over $453 million worth of BNB

Crypto exchange Binance conducted its 25th quarterly burn of Binance Coin (BNB) tokens, removing 2.14 million coins worth $453.5 million from circulation.
The volume of BNB destroyed amounted to approximately 1.38% of the total supply of the asset.

FTX customers can count on $9.2 billion by mid-2024

By mid-2024, FTX clients could receive payments in the amount of $9.2 billion for claims against the exchange going through bankruptcy proceedings. This follows from the plan approved by representatives of creditors and the new management of the platform.
The parties reached an “important milestone” after “extended discussions” regarding clients’ property disputes, the press release said.
The agreements require court approval. The corresponding application must be sent to FTX management before December 16.
Users of the platform will be able to count on a total of $8.9 billion, and its American division - $166 million.
The indicated values are equivalent to more than 90% of assets at the end of the second quarter of 2024.

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